UGANDA, Kampala | Real Muloodi News | Does your home no longer meet your needs? Is it perhaps very small that you need to relocate or very old that it needs a renovation?
As your family expands, acquires more properties, or witnesses an increase in your income, your initially comfortable home may feel small.
If you are older, there is a chance of having unused rooms after the kids have all grown up and moved out.
The accompanying feeling of emptiness can be dissatisfying and make you contemplate moving to a new home that matches your present situation.
So, the big dilemma is whether you choose renovation or relocation. The answer will depend on several factors, including your budget and lifestyle choices.
Renovation
You might wonder, instead of relocating, why not remodel your home to meet the current needs? Well, it is not a bad call. Let us evaluate the benefits and hiccups of renovation.
Advantages
Staying in the same location: You may already be in the perfect location and have settled in close to friends and family, schools, parks, public transport, and everything you want!
Renovation can offer you more stability, like staying with the same neighbours and enjoying the same services as shops or stores.
If you value the comfort of your surroundings, renovating might be a better choice.
Increases the value of your home: Renovating can make your home appreciate more compared to the value you originally bought or built it. This puts you in a good financial situation when you decide to sell.
Adjustable to your needs and wants: Renovation allows you to alter the house design according to your needs.
The idea of changing the feel and look of your home is to get something that matches you perfectly.
Renovating offers more leeway to customise your kitchen, floor, bathroom, and roofing, among others, how you want them.
You may not have the budget for a dream home, but you can convert the current house into your dream home.
Disadvantages
Potential for overcapitalising: Will you spend more money on renovation than the cost of homes in that location and not receive your money back when you eventually decide to sell?
You would want the sale of your home to be profitable, but this can prove risky if you decide to spend a lot of money on renovation.
Living in a mess: Consider living in a messy environment with lots of dust, building materials, and contractors walking in and out of your house for at least a few months.
Certain areas of your home might as well not be accessible for some time. Are you and your family ready to live through such an ordeal?
Increased stress levels: Monitoring contractors ensuring they are completing the work to a satisfactory standard may take a lot of your time and energy.
Do you have the time to spare? This process might cause too much chaos and stress in your life that you won’t be able to handle.
Relocating
The idea of moving always seems appealing; however, selling and repurchasing a new home is no mean feat, and so you need to go in with a logical mind.
Advantages
Receive a good price for your property: There might be a peak in the market, and you could get a juicy price on your home that enables you to purchase your dream house.
Don’t have to deal with renovation: Avoid the messy environment and clutter. You could move into a new home with no extra worries.
Once settled in, you can explore your new environment and might discover a new hobby or interest.
Relocating offers you a fresh start: A change of environments, expand your network with new neighbours, and new friends, and create exciting relationships.
Moving opens you up to fresh adventures and offers you a chance to break out of your comfort zone.
Sometimes, a new life challenge might be what you need to keep your life thrilling.
Disadvantages
Costs of selling: Consider all the costs of selling the house, including stamp duty, refinancing, and real estate agent’s fees, among others. Are you prepared to pay these costs?
Stresses while searching for the right house: House hunting requires a lot of time and energy for you to find the right one.
Consider if there is enough time between selling and moving into your new home. It is also demanding when moving; boxing up possessions and moving is not a simple job.
Do you have the energy to go through this arduous stress of packing and unpacking?
Renovating may be time-consuming and impractical, especially if you are downsizing.
The process may require huge funds without a guaranteed increase in value.
If you are still wondering whether to remodel your home or move altogether, it is crucial to gather enough information to help you evaluate both options carefully.
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